Islamabad, The Caretaker Minister for IT and Telecommunication, Dr. Umar Saif, announced the launch of the first-ever “Pakistan Startup Fund” in Islamabad today, marking a significant step towards fostering entrepreneurship and venture investment in the country.
According to Ministry of Information and Broadcasting, the Pakistan Startup Fund is designed to catalyze venture investments and elevate Pakistani startups to a significant position on the global stage. The Fund is structured as an equity-free capital initiative, aimed at assisting startups in raising their first external investment.
Dr. Umar Saif elaborated on the mechanics of the Fund, stating that the government will allocate up to two billion rupees for the Pakistan Startup Fund each year. He explained that under this initiative, if a foreign venture capitalist is considering a one million dollar investment in a Pakistani startup, the venture capitalist would need to invest only 700,000 dollars. The Pakistan Startup Fund will provide the remaining 300,000 dollars as a grant to help close the investment round.
This initiative is a milestone for Pakistan’s entrepreneurial ecosystem, offering a unique opportunity for startups to secure essential funding and enhance their visibility in the international market.